However, the bank’s total expenses also grew by 10% YoY to $1.02b amidst higher staff expenses and IT-related investments. UOB’s cost-to-income ratio stood at 43.6% in Q2.

“Testament to our focus on generating sustainable growth, our second quarter results are built on the healthy growth momentum in the first quarter,” Wee Ee Cheong, deputy chairman and CEO at UOB said in a statement.

The government's cooling measures are expected to hit UOB the hardest of its peers due to its greatest exposure in property-related lending. The bank's housing loans are estimated at 27.9% whilst OCBC and DBS are at 27.6% and 21.4% respectively, according to UOB Kay Hian.

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